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Saudi Arabia Launches Misguided $19 Billion Stimulus In Desperate Bid To Kickstart 2018 Growth

If you haven’t been living under a rock in recent months, it’s been impossible to miss the turmoil in Saudi Arabia and its relations with the outside world. A few weeks ago we published a piece by Chris Martenson of PeakProsperity.com “If The Saudi Arabia Situation Doesn't Worry You, You're Not Paying Attention”. Martenson argued. […]


Michael Hudson: America’s Monetary Imperialism

Authored by Michael Hudson via Counterpunch.org, In theory, the global financial system is supposed to help every country gain. Mainstream teaching of international finance, trade and “foreign aid” (defined simply as any government credit) depicts an almost utopian system uplifting all countries, not stripping their assets and imposing austerity. The reality since World War I […]


Q3 GDP Revised Up To 3.3%, Highest In 3 Years

After the BEA estimated that US GDP rose an already impressive 3.0% in Q3, moments ago the Department of Commerce revised its estimate for third quarter growth to 3.3% annualized, higher than the 3.2% print expected, the highest since the third quarter of 2014. On a Y/Y basis, GDP rose by 2.3%, the highest since […]


JPMorgan’s Outlook For 2018: “Eat, Drink And Be Merry, For In 2019…”

While the prevailing outlook by the big banks for 2018 and onward has been predominantly optimsitic and in a few euphoric cases, “rationally exuberant“, with most banks forecasting year-end S&P price targets around 2800 or higher, and a P/E of roughly 20x as follows… Bank of Montreal, Brian Belski, 2,950, EPS $145.00, P/E 20.3x UBS, […]


Europe’s New ‘Values’ – Austerity, Bloodletting, And Incompetence

Authored by Raul Ilargi Meijer via The Automatic Earth blog, Punxsutawney Phil Hammond, the UK chancellor, presented his Budget yesterday and declared five more years of austerity for Britain. As was to be expected. One doesn’t even have to go into the details of the Budget to understand that it is a dead end street […]


Budget Preview: Chancellor Philip Hammond’s Impossible Task To “Square The UK’s Circle”

At lunchtime today, Philip Hammond will give the weakened Conservative government’s first budget in the new parliament. Against a likely backdrop of downgrades for the economy from the OBR, the Chancellor will be under immense pressure to provide a sound plan going forward on many issues. As Statista's Martin Armstrong notes, the NHS has already had its […]


Kyle Bass Is Having A Bad Day – Greek Bank Stocks Crash To 16-Month Lows

Just over a month ago, Kyle Bass discussed why he was long effectively "long Greece." Bass penned a Bloomberg editorial in which the hedge fund founder and CIO called on the IMF to stop bullying Greece –  publicizing the fact that he is now effectively long Greece. Greek government bonds have performed reasonably well so […]


Visualizing $63 Trillion Of World Debt

If you add up all the money that national governments have borrowed, it tallies to a hefty $63 trillion.   Courtesy of: Visual Capitalist In an ideal situation, governments are just borrowing this money to cover short-term budget deficits or to finance mission critical projects. However, as Visual Capitalist's Jeff Desjardins notes, around the globe, […]


Italy’s Parallel Fiscal Currency: All You Need To Know

Authored by Marco Cattaneo, from Basta con l’Eurocrisi, via GEFIRA, There is an increased talk in Italy about fiscal money as an instrument to resolve the economic crisis, which is not over yet. Despite the optimism shown by the Italian government and the EU, the Eurozone economy is far from being in an acceptable condition, and […]


Schäuble: Another Financial Crisis Is Coming Due To Spiraling Global Debt, “New Bubbles”

Following the disappointing for Angela Merkel and her CDU German election results, which propelled the populist AfD into Germany’s political establishment with 92 members of parliament, the first casualty was Germany’s finance minister, Wolfgang Schäuble, who in a few days will relinquish his long-held post and move on to the ceremonial role of Bundestag president. […]


Spanish Stocks Slammed To 7-Month Lows As Credit Risk Spikes

While the world desperately tries to shrug off the implications of Catalonia's independence vote (and Rajoy's warnings of potential reactions), investors are rapidly exiting positions in Spanish stocks and bonds… IBEX (the main Spanish stock index) just plunged to its lowest level since March (as European stocks – Stoxx 600 – hits a 4-mointh high)… […]


Why Madrid Will Never Let Go – Catalonia Is Closer To The Eurozone Than Spain

As we have detailed previously, the Spanish region of Catalonia in the North-Eastern corner of Spain will attempt to hold an independence referendum tomorrow, against the will of the central government in Madrid. Apart from the Baleares and the Madrid region itself, Catalonia together with its capital Barcelona is one of the most economically-powerful parts […]


Algeria Officially Launches Helicopter Money Amid Sliding Oil Revenue, Budget Crisis

One year ago, the imminent arrival of helicopter money among endless discussions of pervasive lowflation was all the rage within high-finance policy circles. Then, everything changed as if on a dime, and in recent months the dominant topic has been global coordinated tightening – and in some cases even revisions to central bank mandates and […]


Forget The Hype: Public Infrastructure Generates Waste, Fraud And Abuse

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke. Economic policy is subject to fads and fashions. The most recent economic-policy fad is public infrastructure. Its advocates include progressives on the “left” and populists on the “right.” It is an undefined hallmark of President Trump’s economic program. They all […]


Britain’s Top Priest Slams Rich-Poor Divide In “Britain’s Broken Economy”

While the world has grown used to The Pope sticking his papal nose in the world's business ("horrrific" borders, "grave risks" of libertarians, and the virtues of socialism); Britain's most senior clergyman, the Archbishop of Canterbury, has now decided that it is not enough to preach His word, but better to use his position of […]